Sargent Investment Group LLC Purchases 5,000 Shares of Mitek Systems, Inc. (NASDAQ:MITK)

Sargent Investment Group LLC lifted its position in shares of Mitek Systems, Inc. (NASDAQ:MITK) by 2.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 214,155 shares of the software maker’s stock after purchasing an additional 5,000 shares during the quarter. Sargent Investment Group LLC’s holdings in Mitek Systems were worth $1,767,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Invesco Ltd. raised its stake in Mitek Systems by 534.4% during the fourth quarter. Invesco Ltd. now owns 1,722,099 shares of the software maker’s stock valued at $19,167,000 after buying an additional 1,450,652 shares during the last quarter. Marshall Wace LLP raised its stake in Mitek Systems by 2,115.7% during the fourth quarter. Marshall Wace LLP now owns 859,123 shares of the software maker’s stock valued at $9,562,000 after buying an additional 820,349 shares during the last quarter. Phoenix Financial Ltd. purchased a new position in Mitek Systems during the fourth quarter valued at $4,733,000. Impax Asset Management Group plc raised its stake in Mitek Systems by 70.0% during the first quarter. Impax Asset Management Group plc now owns 850,000 shares of the software maker’s stock valued at $7,012,000 after buying an additional 350,000 shares during the last quarter. Finally, Jefferies Financial Group Inc. purchased a new position in Mitek Systems during the fourth quarter valued at $3,500,000. 83.64% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Mitek Systems

In other Mitek Systems news, insider Michael E. Diamond sold 70,352 shares of the firm’s stock in a transaction on Friday, June 13th. The stock was sold at an average price of $9.77, for a total transaction of $687,339.04. Following the transaction, the insider directly owned 233,340 shares in the company, valued at $2,279,731.80. This trade represents a 23.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 2.10% of the company’s stock.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded Mitek Systems from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 21st. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $12.88.

Mitek Systems Stock Down 0.8%

NASDAQ MITK opened at $9.44 on Friday. The firm has a market cap of $427.07 million, a price-to-earnings ratio of 33.71 and a beta of 1.15. The business has a 50-day moving average price of $9.74 and a 200-day moving average price of $9.38. Mitek Systems, Inc. has a twelve month low of $6.93 and a twelve month high of $13.72.

Mitek Systems (NASDAQ:MITK) last posted its earnings results on Thursday, May 8th. The software maker reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.10. The company had revenue of $51.93 million for the quarter, compared to the consensus estimate of $47.21 million. Mitek Systems had a return on equity of 18.85% and a net margin of 7.51%. Mitek Systems’s quarterly revenue was up 10.4% compared to the same quarter last year. Research analysts expect that Mitek Systems, Inc. will post 0.59 EPS for the current fiscal year.

About Mitek Systems

Mitek Systems, Inc provides mobile image capture and digital identity verification solutions worldwide. Its product portfolio includes Mobile Deposit that enables individuals and businesses to remotely deposit checks using their camera-equipped smartphone or tablet; Mobile Verify, an identity verification solution that is integrated into mobile apps, mobile websites, and desktop applications; and Mobile Fill, which includes automatic image capture, minimizes the numbers of clicks, and expedites form fill completion.